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By Maggie O’Neill
The vendor risk management programs that organizations have in place are not only not improving, but could actually be stagnating, according to a new study from Protiviti, a global consulting firm, in partnership with the Shared Assessments Program, a collaborative consortium of financial institutions, Big Four accounting firms and third-party risk management leaders.
The “Vendor Risk Management Benchmark Study,” which is based on Vendor Risk Management Maturity Model developed by the Shared Assessments Program, tabulated the responses of more than 460 executives and managers from a variety of industries. When they responded to an online survey given in the fourth quarter of 2014 and first quarter of 2015, these managers and executives were asked to rank their organization’s maturity level in a number of areas related to third-party risk management, including program governance, contracts, and monitoring and review.
Read the complete article at: Firms Must Improve Third-Party Vendor Management